TRUE STORY: Is It Possible to turn $37,000 into $2,500,000 in 6.5 Years in the Stock Market?
New Course Reveals Step-by-Step the Astonishingly Simple Process of Stock Market Multi-Millionaire Nicholas Darvas — As Documented In Time Magazine.
By Dr. Scott Brown
Nicholas Darvas and his sister Julia were well entrenched in the media. Their classical dance routines graced both European and American television network broadcasts.
Their names were synonymous with show business of the highest order. Darvas was firmly positioned in the public consciousness as a top ranked dancer.
Jaws dropped when Time Magazine devoted a full page piece to Nicholas as a stock market wizard,
“. . . who ignores tips, financial stories and brokers’ letters.”
This created a stir on Wall Street in an industry that made a fortune peddling rumors to generate trading commissions.
Such misinformation still dominates The Street today.
His 1960 book, “How I Made $2,000,000 In The Stock Market” grabbed the attention of thousands of investors around the globe.
But the book fell out of favor as business schools became more theoretical.
The baby-boomer generation of mathematically gifted, yet misguided, economists developed and taught an efficient view where markets fit together like a fine tuned Swiss watch.
The dazzling upward momentum stock profits that made Darvas a millionaire were impossible within such ivory tower frameworks as the Capital Assets Pricing Model (CAPM).
The Nobel prize was awarded to early pioneers of market efficiency; Professors Harry Markowitz, William Sharp, Robert Merton, Fisher Black, and Myron Scholes.
As computing capacity increased at a logarithmic pace gen-x economic researchers began to release study after study indicating that the notion of market efficiency is flawed.
A long-term, trend-following upward momentum approach, held in disdain by efficiency theorists, was shown to beat or even trounce the market averages and CAPM.
Nicholas Darvas made himself a millionaire with his unique long-term trend-following positive momentum approach.
This has been validated over time through academic research in such places as the top ranked Journal of Finance. See Moskowitz, T., Cliff Asness and Lasse Pedersen, “Value and Momentum Everywhere,” Journal of Finance (2012).
Nicholas Darvas was a classically trained entertainer. He was half of a brother-sister dance duo that captivated audiences worldwide — live and on television.
Outside of the public spotlight he had a financially well-trained mind.
He majored in economics at the prestigious University of Budapest. But the pay for an economist was far lower than that of a popular performer. He was a gifted student. He was a meticulous note taker. He applied his intellect to ferreting out the secret to success in the stock market.
“I decided I had been missing a good thing all my life. I made up my mind to go into the stock market. I have never gone back on this decision.” -Nicholas Darvas
Nicholas Darvas has bequeathed our generation of investors the only existing trade-by-trade description of how a rank beginner grew a fortune of $2.5 million in the stock market from a modest $37,000 in just 6.5 years in the 1950s.
Sure, other people have done this too. Before Nicholas Darvas men such W.D. Gann, Jesse Livermore, J. P. Morgan, Andrew Carnegie, and Cornelius Vanderbilt became stock market millionaires.
But, none of them left a carefully detailed trade journal.
William J. O’Neil and David Ryan became stock market millionaires after Nicholas Darvas. But ditto for them too.
No journal. No meaningful mentorship.
Has this 21st Century Stock Market Left You Exasperated?
This year in the stock market has been really rough for a lot of my friends and colleagues. The market advanced but their net worth did not.
But for most of us this is just the beginning of our problems.
A startling number of do-it-yourself (DIY) stock investors perish in the process. They lose everything.
They are wiped out.
A big part of the reason that I am so inspired by the Nicholas Darvas story is that he faced these exact same problems all starting stock investors have endured. Consider the following barriers to your success…
PROBLEM 1: IGNORANCE.
The first problem that Nicholas Darvas faced was his own ignorance. He knew nothing about the stock market.
He made his first profit in the stock market by sheer luck. This set Nicholas up with a false sense of confidence at the very beginning.
This over-confidence would lead him to some of his most terrifying and truly dangerous losses.
Do you brag about your trading at social events? Deep down inside do you feel that you know less than you should about the markets?
Do you feel inadequate as a stock or stock option trader?
PROBLEM 2: MISGUIDANCE.
Nicholas decided to “ask around” to see if rich people he met knew the right stocks to buy. He ended up buying into companies with names he couldn’t pronounce with products in industries he was unaware of.
He quickly discovered that asking people “Do you know a good stock?” is a very bad idea.
He eventually learned that this approach to the stock market NEVER works!
Do you seek out gurus on the internet to find out what they are recommending? Do you have a tendency to buy the recommendations just because you feel that the guru is particularly gifted?
Maybe you watch Mad Money with Jim Cramer on CNN? He’s a hoot!
At the same time have you noticed that your account size stays the same or shrinks?
PROBLEM 3: INCOMPETENCE.
Mr. Darvas concluded that neither he nor people he met in his daily routine knew the secret to the stock market. He wondered if having the right broker was the key to success.
After all, such people dedicate their daily activities to stocks.
His first broker was a little man spouting important sounding statistics. The little broker forcefully explained why a gold mining stock he found on the treacherously infamous Toronto Stock Exchange (TSE) should double over a specific period of time because of the ore reserves it controls.
Nicholas buys on the broker’s recommendation. As the stock drops Nicholas becomes aware of the man’s incompetence.
Nicholas concludes that brokers do not know the secret to making a fortune in the stock market. How many times have you been led into a bad stock or stock option play because of a “trusted broker?”
PROBLEM 4: FEES.
Nicholas Darvas did not understand how deeply brokerage commissions and taxes depleted his account.
This was an important step in his development.
He no longer traded with disregard to how much his broker and the revenue agents made.
Have you watched your account dwindle from brokerage fees?
Be honest.
Are you afraid of hitting it big because deep down you don’t want to pay the
IRS?
This one is a really doozie of a detriment to your progress as a stock trader.
PROBLEM 5: OVER-DIVERSIFICATION.
Nicholas Darvas began jumping in and out of the market very fast. He became content with small profits rather than seeking out large windfalls.
This created a new problem in that he routinely owned small amounts of too many (25 to 30) stocks.
This made the monitoring and control of his portfolio too difficult. It also made brokerage fees deplete his account just that much faster.
Are you a newsletter junky? Do buy everything the newsletter editor recommends?
Do you sometimes stop what you are doing in your regular day? Are you frozen by a cold surge of fear that you have way too many positions handle?
Over-trading is a major reason stock investors fail.
PROBLEM 6: EMOTIONS.
The next headache Nicholas faced was that he developed a liking for certain stocks. This meant that he was more reluctant to sell than he should have been when the market went against the stock.
Having pet stocks induced him to let losses grow out of control.
Do you have that certain stock that you love to chat about with strangers you meet while waiting in the bank teller line? You know the stock hasn’t performed particularly well but you love it anyway.
PROBLEM 7: GAMBLING.
His obsession with making a fast buck in the stock market compelled him to over-trade. He was soon losing $200 a day.
Do you dart in and out of the market chasing small profits?
PROBLEM 8: ADVICE.
The first solution Nicholas turned to was a series of Canadian stock investing advisory service newsletters. He soon learned that advisory services made their money by making speculation sound very easy.
Nicholas Darvas also found that urgency helped advisory services supply their subscriber’s need for action.
He would rush to order recommended stocks.
They would invariably fall in price.
Hence this solution created another problem.
Do you get a surge of excitement when you read the recommendations of a major investment newsletter to which you are subscribed?
How often do those stock plays really work out?
When you look carefully at all of the recommendations you received over the prior year do you find that you missed some of the better stocks? You finally admit to yourself that you ran out of money chasing every deal that came in front of your face!
PROBLEM 9: TIMING.
He realized that his real problem was that he did not know when to enter the market. After his first year his $11,000 grub stake was down to just $5,800.
Nicholas quickly learned that timing in the stock market is everything!
Are you confused about timing? Do you listen to one guru who says,
“Never time the market” only to be confused by another who says that the first guru, “is a top market timer?” Deep down inside do you sense that timing is everything but admit to yourself that you simply don’t know enough about the subject.
PROBLEM 10: TIPS.
Nicholas seeks out a broker who recommends “fundamentally safe” stocks. He soon realizes that there is no such thing as a fundamentally safe stock.
Yet he still doesn’t understand that the advice is never valid economic evidence. It is just another tip.
Do you have friends who call you to talk about stocks? Do the stocks they are tracking ever work out as a group?
Do they hold you back? Do you listen to them anyway?
Do you have a broker you trust? Does his or her tips give you a net profit?
Socrates showed that the student must find the solution from within to gain true wisdom. This “Socratic method” also applies to investing and trading of any market.
PROBLEM 11: IRRESPONSIBILITY.
Over time Nicholas falls into another trap. When he wins he pats himself on the back.
When he loses he blames his broker.
I once knew a clever con artist.
He robbed people of millions through a multi-level marketing scam — aren’t
they all — called Force One.
When this Ponzi scheme — he had planned in Federal prison on a prior fraud rap — finally ran out of steam the peasants came at him with pitchforks and torches.
He stood in front of them.
He outstretched his arm. He pointed his index finger at the angry mob.
I was astonished as I watched this convicted white collar thief boldly declare,
“When you point the blame at somebody there are three fingers pointing back…”
As much as I despised the actions of this brazen fraudster I realized that he was right.
People who are in denial of their mistakes can never learn — can never move forward!
I thought to myself,
“Who was it who happily handed over thousands of dollars to this charismatic and impressive con-man in the first place?”
We all had.
And I could tell that other families would never learn. They would pin the blame on the perpetrator of the fraud without realizing that they had not done their proper due-diligence.
This thief slipped away “Scott-free” yet I took away perhaps the most valuable lesson of my investing career. I began the practice of taking full responsibility for outcomes in my life.
This was the moment that my financial life began improving for the better.
PROBLEM 12: ILLITERACY.
Nicholas sets up an account with his first New York broker.
He can’t understand all the technical words the broker uses.
This makes it impossible for Nicholas to effectively evaluate the information he is hearing.
For fear of revealing your ignorance do you act as if you understand financial concepts when you really don’t?
Deep down do you often know that you don’t know enough finance to really understand the stock market?
PROBLEM 13: DISCERNMENT.
He decided that there must be higher priced stocks with as powerful returns as he had experienced in his first — a Canadian mining penny stock. His problem was to figure out how to discern which ones they were.
Do you go back through your charts and find stocks have skyrocketed that you ignored?
Aren’t those the stocks that you would have made a killing on?
How can you find those?
PROBLEM 14: ADVISORS.
Darvas starts subscribing to advisory services to discern which stocks are most likely to rise. But advisory service recommendations frequently drop.
Do you buy the stock recommendations of your favorite newsletter the day it is released? How well has that been working for you?
PROBLEM 15: CHURN.
Nicholas Darvas enters into phases where he jumps in and out of stocks quickly in three transactions in February of 1956. This leads to a loss of $461.21.
He realizes that if he would have stayed with the original stock in the first transaction that he would have had a profit of $1,748.75.
These were all high priced well-known stocks.
He comes through the end of the — then — greatest bull market in history at the end of 1957 with just $889 profit to show for his efforts.
Do you really follow the trend? Or do you get nervous the more profit accrues in a stock you — finally — make money on?
Do you sell out only to watch it double or triple from your exit point?
PROBLEM 16: OVER-THE-COUNTER.
Nicholas decides to go bargain hunting in the over-the-counter market. This is also known as the OTC.
The problem is that he has a very hard time selling his stocks for a fair price over-the-counter in the OTC.
When he wants to sell at $42 he can only find a buyer at $38 per share. He concludes that the over-the-counter market is not a continuous and orderly market.
Are you dabbling in penny stocks? Do you even know where you would try to sell if it took off?
Have you already had a tough time reselling shares of these tiny companies?
PROBLEM 17: INSIDERS.
Darvas starts reading the Security Exchange Commission Insider Transaction Reports. He reasons that a stock is a buy if insiders are also buying.
This tactic does not work.
He finds that insiders may know their company but they do not know the stock market. Like everybody else they often buy too late and sell too soon.
Have you ever bought an “insider” stock that the CEO is pumping millions of his or her hard earned cash into? How often have these stock plays made money for you?
PROBLEM 18: OVER-CONFIDENCE.
Nicholas turns to a regimented filter of fundamental factors he organizes into a table. He believes that this will make him an expert in finance.
As it turns out this intellectual crutch makes him an over-confident investor and a wreck waiting to happen!
He loses $9,000.
The shattering effects of this psychological blow are crushing.
He had not been a wild gambler.
He had labored long and hard to find a stock called JONES & LAUGHLIN he was sure would soar. It failed and so had he.
He had been as cold and scientific as possible.
Yet this approach was also flawed.
Worse, it led him into FALSE-HOPE
Have your attempts to document factors you believe to lead to the next hot stock been a failed mission?
PROBLEM 19: FEAR.
He notices a stock he has never seen before. It is consistently rising.
It is TEXAS GULF PRODUCING. He buys it.
But he expends vast amounts of energy monitoring it constantly like an overprotective parent. He is so fearful of loss that he spends an excessively unnecessary amount of time monitoring the stock.
This wasted energy holds him back.
Is this a scenario you have been through?
PROBLEM 20: JUDGEMENT.
Nicholas Darvas buys into the very top of the market for some stocks. This teaches him that he has a judgment problem.
He can’t judge when the stock is topping out.
It will be the end of the road if he doesn’t find a solution to stop the account bleed when a stock drops. Otherwise his stock fortune will turn to dust.
PROBLEM 21: SIDEWAYS.
Darvas notices that stocks spend a lot of time moving sideways. He knows that this is the key to both timing and risk management.
But he struggles at first to determine the appropriate range of the sideways movement.
In a sideways movement he doesn’t know if the stock will rise and give him a profit or fall and wipe him out. He realizes that sideways movement is as big a problem as the Sargasso Sea was to medieval sailors.
PROBLEM 22: RUNAWAYS.
Nicholas determines that it is best to buy stocks that are already on the rise. He orders his broker to call him when a watch-listed volume mover stock rises above the technical resistance level of its “box.”
He finds that the stock is well above his ideal buy level by the time the broker calls.
How many times have you spotted the right stock only to have it skyrocket while you couldn’t pay attention to the market?!
PROBLEM 23: ACCURACY.
Nicholas realizes through trial and error that his accuracy in finding a rising stock will be no better than a coin flip. He realizes that he must make more money on his profitable trades than he loses on his unprofitable trades.
Have you ever used really wide stop loss orders because an “expert” told you that the stock was extremely volatile?
Did they ever remember to tell you when the right time was to sell? Do you ever wonder why you get hammered?!
PROBLEM 24: OVERCROWDING.
The high “cost-per-character” nature of telegrams limits the amount data Darvas can receive.
He couldn’t follow his stock with just the daily closing price. He eventually finds that he needs to know the daily high and low share price for each of the 5 to 8 stocks he can follow. Finally he adds the close of the Dow Jones Industrial Average.
He fears that volume quotes will overcrowd his daily analysis.
Do you have a sinking suspicion in the back of your mind that you have too much information hitting you in this new communication age of the internet? Is this also conspiring to hold you back?
PROBLEM 25: ALL-IN.
Wall Street will teach you to paper-trade. Sneaky, sneaky, sneaky…
This is no different than free slot play for Las Vegas tourists.
It hooks them into the machines up and down the strip. It also hooks a vacuum hose to each gambler’s bank account.
Nicholas found that paper-trading was no different. The emotions he needed to learn to deal with would emerge only when he had “skin-in-the-game.”
Facing those emotions took a lot of courage.
Nicholas starts taking pilot positions so that he can “feel” the stock. But he goes all in at the beginning.
This nearly wipes him out.
PROBLEM 26: RANDOMNESS.
Sometimes some of the stocks Nicholas owned made inexplicable drops in price. This is the first time he realizes that he has to figure out solutions to his problems by himself.
Advisory services and brokers can no longer help him. He knows at least as much as the “experts.”
He musters up the courage to…
THINK INDEPENDENTLY.
He pours through the data and arrives at an amazing conclusion concerning erratic adverse stock price movements.
PROBLEM 27: TAXES.
Many people hold on to stocks for more than a year for a lower tax rate on long-term profits. He decides that he has to sell out for fast cash even if the taxes on his capital gains will be higher.
Special tax eliminating accounts did not exist as they do today when Nicholas Darvas traded stocks.
Nonetheless, when your trading grows you will face the same dilemma even today!
PROBLEM 28: EROSION.
Nicholas Darvas quickly realizes that buy-&-hold strategies don’t work. Returns are too deeply eroded on price downturns. He considers such investors gamblers,
“…with the eternal hope of the turn of the lucky card.” How much more confusing can the markets get?
Warren Buffet is the oracle of Omaha.
At a steady beat his voice proclaims the virtues of buying stocks he never wishes to sell. But even he has been forced to transform the capital structure of Berkshire Hathaway for little “we are the 99”
investors. A buy and hold strategy today is financial suicide even on Berkshire Hathaway stock.
In came the 99 and out went the 1%!
PROBLEM 29: FADS.
Nicholas notices that stocks fall in and out of fashion. In his day GENERAL MOTORS and CHRYSLER were relatively small firms.
But they represented the future!
Today these companies represent corporate hubris of overdeveloped industries with little growth opportunity.
What stocks, giving the same signals Nicholas saw in the 1950s, are out there waiting for you right now? How can you spot them?
PROBLEM 30: HERDING.
In a few days of trading, he threw overboard everything he had learned over the past six years. He did everything he had trained himself not to do.
He talked to brokers. He listened to rumors. He was never off the ticker.
It was as if the “GET-RICH-QUICK” demon had gotten hold of him.
The first thing that deserted him was his SIXTH SENSE.
He did not “feel” anything.
All he could see was a jungle of stocks running up and down devoid of rhyme or reason.
Then his INDEPENDENCE went.
He gradually abandoned his system and adopted the attitudes of others.
He was following the crowd.
His reason forsook him. Emotion completely engulfed his thinking.
And Nicholas Darvas incurred some of the biggest losses of his lifetime.
This is a very common real life nightmare story I hear from many students.
How can you correct this and insulate yourself as you invest over the coming years in the stock market?
PROBLEM 31: SUCCESS.
As the sum value of Nicholas Darvas’ stock trading accounts mushroomed into the millions he faced a serious problem. He had to face the fact that his
STOP-LOSS would no longer be practical. No trader or specialist would absorb such a large order quantity of stock in a matter of seconds.
His unique approach to the problem can be more effectively applied today through a core passive portfolio.
Do You Want To Avoid — Or Fix — All These Problems?
The following solutions solve EVERY problem above…
SOLUTION 1: EDUCATION.
Nicholas made a strong stride forward in his development as a stock investor when he began monitoring the financial columns in The New York Times, The New York Herald Tribune, The Wall Street Journal and especially
BARRON’S.
This would later prove to be a major source of information that would make him a success in the stock markets.
This solves problems 1, 3, and 12 — ignorance, incompetence, and illiteracy.
SOLUTION 2: PRICE.
Nicholas Darvas eventually realizes that the movers are the stocks that save him. These are shares that simply seem to be rising in price consistently over time.
This solves problems 13, 17, 18, and 24 — discernment, insiders, over-confidence, and overcrowding.
SOLUTION 4: VOLUME.
He notices that the best movers have dramatic increases in trading volume before and when they rise. This is especially so for dignified stocks that trade quietly for many years then suddenly go wild.
If a long inactive stock suddenly becomes active in terms of dramatic increases in volume he considers this unusual and begins to watch it.
If it increases in price he makes a pilot purchase using a buy stop order combined with a contingent stop order.
T’his solves problems 13, 17, 18, and 24 — discernment, insiders, over-confidence, and overcrowding.
SOLUTION 5: DEDICATION.
Nicholas sits with his stock tables of price and volume every evening. He dedicates himself to finding volume movers that will rise.
This has the surprising effect of focusing his energy on identifying and tracking a few stocks. He upgraded from spraying the market with a shotgun to trading stocks with the precision accuracy of a sniper rifle.
This solves problems 5, and 11 — over-diversification and irresponsibility.
SOLUTION 6: BOXES.
Darvas noticed that stock prices on the rise don’t go straight up a 45 degree slope. They move sideways.
Then they rise (or fall).
Then they move sideways again.
Then they rise (or fall) again.
He called these sideways periods “boxes.” These boxes allowed Nicholas Darvas to precisely time entry and exit as well as manage risk.
This solves problems 13, 17, 18, and 24 — discernment, insiders, over-confidence, and overcrowding.
SOLUTION 7: CONTINGENCY.
Darvas solves his runaway stock problem with a special contingent order to buy his stock when the price rises above the technical resistance of the box.
Through his box theory he can finally see the exact point at which a stock is worth testing out. But if he waits until the end of the day he often finds that it is already too late.
He develops a standing buy stop order approach to solve this problem.
This solves problems 7, 9, 17, 18, 21, 22, 23, and 24 — gambling, timing, insiders, over-confidence, runaways, accuracy, and over-crowding.
SOLUTION 8: INSURANCE.
Nicholas Darvas solves his problem of being wrong 50% of the time with an initial stop loss order. This is a special contingent order to sell his shares when the price falls below the technical support level of its box.
This solves problems 2, 7, 20, 23 and 28 — misguidance, gambling, judgment, accuracy, and erosion.
SOLUTION 9: PILOT-BUY.
Nicholas Darvas decided — at least for himself — that “paper-trading” stocks was worthless. On the other end of the spectrum he learns that going “all-in” at the beginning results in massive losses.
Because of this he starts making pilot-buys of VOLUME MOVER stocks that fit his system.
This solves problems 5 and 25 — over-diversification and all-in.
SOLUTION 10: AVERAGES.
He eventually discovers that mysterious price drops coincide with collapses in the market averages. He begins to track whether or not the general market is STRONG or WEAK.
He discovers that such general market analysis defies erudite analysis. He resolves this problem by keeping his analysis intuitively “stupid-simple.”
This solves problem 26 — randomness.
SOLUTION 11: EARNINGS.
Once Nicholas is completely out of the baby-bear slide of 1957 he notices that some stocks resist the decline. He carefully studies those stocks.
He notices that the earnings trends of these stocks point sharply upward.
This solves problems 13, 17, and 18 — discernment, insiders, and over-confidence.
SOLUTION 12: INFANTS.
Nicholas pays close attention to new infant industries.
He keeps it “simple-stupid” here too. He doesn’t pay any attention to company products.
He simply looks for rising share prices. This is preferably — but not necessarily — on rising earnings and expanding volume in those sectors.
This solves problems 13 and 29 — discernment and fads.
SOLUTION 13: LEVERAGE.
When Darvas knows he is right he ramps up his returns with margin. This is a form of leverage.
Options did not exist then.
Today traders rarely trade stocks on margin. They don’t need to.
They use options.
This solves problem 22 — runaways.
SOLUTION 14: FIREWALL.
Darvas reaches a point where he decides to never add to his market funds from his show-business income. This places a fire-wall between himself and complete ruin from the markets.
This solves problem 6 and 7 — emotions and gambling.
SOLUTION 15: BUSINESS.
Although I don’t discuss this topic much in this course, the solution to Nicholas Darvas’ tax drag is to trade through a business.
This solves problem 4, 20, and 27 — fees, judgment, and taxes.
SOLUTION 16: SOLITUDE.
Then one day, as he sat in the Plaza Hotel AFRAID to make a telephone call, he suddenly realized something.
When he was abroad he visited no boardrooms, talked to no one, received no telephone calls, watched no ticker.
He had operated on the basis of his telegram, which gave him his perspective.
It showed him the way that stocks were behaving.
There were no other influences, because he did not see or hear anything else.
In New York there were interruptions, rumors, panics, contradictory information, all floating into his ear.
As a result of this his emotions became involved with the stocks – and the cold, clinical approach had gone. He gave instructions to his brokers to never telephone him or give him information of any sort on any pretext whatsoever and his weekly edition of Barron’s.
The only communication he wanted from Wall Street was his usual daily telegram.
This solves problems 2, 3, 6, 7, 8, 10, 14, 15, 30 — misguidance, incompetence, emotions, gambling, novice, tips, advisors, churn, and herding.
SOLUTION 17: DIVERSIFICATION.
His capital to trade was now “too” big. His own orders would hurt his profits by adversely moving the stock price against his position.
He engaged in a form of “reverse” diversification.
There was only one thing to do: he decided to divide his funds into two parts.
Once he had made up his mind to do this, selection was comparatively easy.
He had only to decide among four stocks:
• ZENITH RADIO
• LITTON INDUSTRIES
• FAIRCHILD CAMERA
• BECKMAN INSTRUMENTS
There was only one way to do this – let their strength in the market be the judge. He makes a pilot buy into all four of them on May 13, 1959.
This solves problem 31 — success.
SOLUTION 18: LIQUIDITY.
He foolishly trades Over the Counter (OTC) stocks. He quickly finds that these are a losing proposition.
When he wants to sell there is no market maker to assure an orderly exit.
The only willing buyers demand that he drop his pants.
By sticking to exchange traded stocks he ensures that he never has to sell his stock for an unfair price that is less than it is worth!
This solves problem 16 — over-the-counter.
Why I Am Uniquely Qualified To Guide Your Studies…
Make sure you read the book Nicholas Darvas wrote.
But will you FULLY understand it?
Probably not?!
I am not saying this to you to offend you. I have dedicated my life to the markets.
And all the years of hard work have paid off.
I am a published academic researcher high in the field of finance.
I have a number of prestigious academic publications in such elite venues as Financial Management and The Journal of Financial Research.
My co-authors hold Ph.D.s from The Massachusetts Institute of Technology (MIT), Cornell University, and Purdue University.
I have over 4,000 students in my stock investing course entitled “Investment U’s How to Build A Million Dollar Portfolio From Scratch!”
I am a leading Oxford Club speaker and editor.
At the same time I fulfill my role as a tenured professor of finance at a major state university MBA and doctoral finance program — The University of Puerto Rico Graduate School of Business.
Otherwise I am in flip flops, shorts, and T-shirt either summering in northern California or wintering in the Caribbean. I have a debt free casual lifestyle.
I hold my Ph.D. in finance from a major research institution — The University of South Carolina. I hold a Masters degree in international finance and trading from The American Graduate School of Business. This program also called “Thunderbird” is routinely ranked #1 by the U.S. News & World Report against such programs as Stanford and Harvard.
A Life Changing Step-By-Step Guided Discussion of The DARVAS FORTUNE Awaits You…
I have introduced over a thousand MBA students to the profession of finance. They work in diverse areas of Wall Street today.
They are professional in these markets. I trained them.
Trust me when I tell you that you don’t want to go head to head with the white collar ninja stock assassins I have trained for these markets. You need to pull your knowledge and skills up.
Then you can operate on an even playing field.
Over time your training and persistence will allow you to tilt the field a
little in your favor. Then the money will flow to you rather than to the pros.
I know what my university and public course students struggle with by the thousands. I know what you don’t understand.
I know what will confuse you.
I am here to guide your financial studies.
You May Be Asking: “How Will This Change My Life?”
BENEFIT 1: LITERACY.
Nicholas starts to build his financial vocabulary. His newfound financially literacy helps him discern useful data sources from rubbish.
You will take your first steps toward full financially literacy.
Guaranteed!
I have already brought the profound benefits of financial literacy to thousands.
BENEFIT 2: FOCUS.
Traveling overseas increased information costs so much in the days that Nicholas Darvas toured that he had to receive data piped through (1) costly daily telegrams and (2) weekly issues of Barron’s.
This forced him to stop tracking numerous stocks.
This forced him to focus on less than 10 stocks at a time.
This allowed him to focus on nothing but the price action of the stock.
He could no longer be misled by rumors or tips.
Inside you will learn to isolate yourself mentally. You will learn to sterilize your analysis from the harmful opinions of others.
Independent thinking then emerges from courageous introspection and analysis within your quiet mental garden.
BENEFIT 3: MASTERY.
As he looks back over his career Nicholas realizes that his development as a masterful stock trader evolved no differently than learning to drive a car. Student drivers can be taught how to use the accelerator, the steering wheel, and the brakes.
The student has to break away at some point and independently develop a feel for driving.
By applying these core principles discovered by Nicholas Darvas — and validated by recent high-level academic research — you will become more masterful in your stock trading.
BENEFIT 4: TRANQUILITY.
His system evolved to a point where even Nicholas’ mistakes were no problem. They did not make him upset anymore.
His mistakes could no longer make him unhappy.
If he was right, so much the better. If he was wrong, he was sold out.
This now happened automatically as something apart from him.
HIDDEN BENEFIT: His system automatically pulled him out at that top of a bear market while others were dragged down the drain. This is a powerful hidden benefit indeed!
BENEFIT 5: WEALTH.
By employing all of the knowledge I have assembled for you inside CourseInStockTrading.com Nicholas Darvas was able to establish his lasting wealth.
He went on to succeed in a number of other ways beyond stock investing. The
fundamental truth of this market wisdom carried him further than he every believed possible!
He delighted in sharing his knowledge.
The Buzz about Doc Brown’s Financial Curriculum…
Hi Doc Brown,
Thank you! I have learned so much from you and the courses. And have tons more to learn, of course. I enjoy how you present the material in such a real life and matter fact way. It’s fun 
- J. Larson, 12/06/2012
FOUR THINGS YOU SHOULD DO NOW
To Protect and Grow the Money You’ve Worked So Hard For…
Step #1
Immediately Study the Video Lectures Inside I Have Prepared For You.
This is the single most affordable way to improve your stock market results. And you’ll do it under the guidance and tutelage of a highly experienced finance professor tenured through research excellence at a major state MBA program.
Your audio-visual learning is maximized through these 11 highly detailed lecture videos:
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VIDEO LECTURE #1: CANADIAN PERIOD.
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VIDEO LECTURE #2: ENTERING WALL STREET.
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VIDEO LECTURE #3: MY FIRST CRISIS.
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VIDEO LECTURE #4: DEVELOPING THE BOX THEORY.
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VIDEO LECTURE #5: CABLES ROUND THE WORLD.
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VIDEO LECTURE #6: DURING THE BABY-BEAR MARKET.
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VIDEO LECTURE #7: THE THEORY STARTS TO WORK.
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VIDEO LECTURE #8: MY FIRST HALF-MILLION.
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VIDEO LECTURE #9: MY SECOND CRISIS.
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VIDEO LECTURE #10: TWO MILLION DOLLARS.
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VIDEO LECTURE #11: CHARTS.
Step #2
Study the PowerPoint Slides I Have Prepared For You Inside.
The slides will reinforce your understanding of the material.
They are the slides I used to create the video lectures.
This reinforces your visual learning of the material. It is vital that you internalize this knowledge from a half a century ago that is just as valid today.
Step #3
Download the Audio MP3s and Replay Them as you Drive to Work.
These are the audio versions of my guided lectures through the specific details of what Nicholas Darvas did to create a fortune in the stock market.
This reinforces your learning in a unique way.
By listening to these audios as you drive you are handing the material over to your unconscious. What a great way to be productive in a traffic-jam.
This is a seriously powerful learning step in your development as a ninja assassin in these markets.
Step #4
Start Searching Out Upward Volume Movers.
You’ll have all the knowledge to do so when you finish the materially I have specially prepared for you inside.
This program is worth $997.99.
But I am giving it to you today at the special low price of
$197.99…
$49.99…
>>>Today my program is FREE!
WIN VALUABLE PRIZES IN THE HOW I’D USE $2 MILLION IF I MADE IT IN THE STOCK MARKET SWEEPSTAKES
Upon enrolling you will have access to enroll in periodic sweepstakes I give throughout the year.
I frequently give away KindleFires, I-Pads, I-Pods, and LapTops.
This is my way of spreading the love!
I will be giving away at least one in 2013. The longer you delay the fewer there are for you to win.
In Closing…
Put this amazing long term trading system to work for you today!
Sincerely,
-Dr. Scott Brown
Professor of Finance, The University of Puerto Rico Graduate School of
Business, Rio Piedras Main Campus
P.S. Let me explain why I value this program at $997.99. Last month I was watching the pitch video for a financial group out of Idaho charging $997.99 for a program teaching how to interpret volume in the
WRONG way.
In all fairness this program that I am giving away free today really is worth $997.99. However, I may at anytime decide to convert this program into a paid membership. So get while the getting is good!
P.P.S. Join today if you really want to master the markets.
P.P.P.S. I personally guarantee that this program will improve your financial literacy.
P.P.P.P.S. Enroll right now, right
here…
